Auto Updates: Hero earned profit of Rs 943 crore in January-March, know how FY2023-24 was!
Hero Bike-Scooters: The net profit of Hero MotoCorp Limited for the fourth quarter (January-March 2024) of the last financial year 2023-24 increased by 16.7 percent to Rs 943.46 crore.
Hero Motocorp: The net profit of Hero MotoCorp Limited for the fourth quarter (January-March 2024) of the last financial year 2023-24 increased by 16.7 percent to Rs 943.46 crore. The company's profit in the fourth quarter (January-March) of the financial year 2022-23 was Rs 810.8 crore. Hero MotoCorp said in the information given to the stock market that its operating income in the quarter under review was Rs 9,616.68 crore, which was Rs 8,434.28 crore in the same period a year ago.
According to the company, it sold 13.92 lakh motorcycles and scooters in the fourth quarter of the financial year 2023-24, while the figure was 12.70 lakh units in the fourth quarter of the financial year 2022-23. The company's total expenditure increased to Rs 8,427.36 crore in the fourth quarter, whereas it was Rs 7,508.94 crore in the same period last year.
The net profit of the company for the entire financial year 2023-24 stood at Rs 3,742.16 crore, while in the financial year 2022-23, it was Rs 2,799.9 crore. The operating income of the company was Rs 37,788.62 crore in the financial year, which was Rs 34,158.38 crore in 2022-23. Hero MotoCorp sold 56.21 lakh motorcycles and scooters in the financial year 2023-24, whereas in the previous financial year, it had sold 53.29 units.
The company's Chief Executive Officer (CEO) Niranjan Gupta said, "In the last year, our focus on new product launches, network upgrades, and customer satisfaction has taken us to new heights.." Talking about the future, he said, 'Going forward, we expect macroeconomic factors to support the growth of the industry. “With commodity prices remaining stable, expectations of a normal monsoon, and an increase in government spending, we see many favorable conditions for the sector in the coming quarters.”